He does not, however, address the equally critical factor concerning the currency unit in which property prices are measured. It is obvious that sustained currency debasement over a given period will cause nominal property prices to rise, and the Treasury’s policy of quantitive easing (a convenient euphemism for creating money out of thin air) provides a classic illustration.

It is equally obvious that a general loss of confidence in the ability of a currency to maintain its purchasing power will lead its holders to seek a more reliable store of value, and property is one of the traditional investment targets in such circumstances, again triggering a rise in nominal prices.

Omission of any reference to the effect on property prices of monetary debasement leaves Mr Conway’s otherwise excellent analysis incomplete.